Remortgage Advice 

Remortgage Advice  

A remortgage is the taking out of a new loan on a property you already own. It replaces your existing mortgage. Why would you want to remortgage? People do it for several reasons: 
 
To get a better rate with a different lender – you might have started on a certain rate which has come to an end and would mean you switching to the standard variable rate (SVR) and therefore an increase in the repayment amount. 
To change mortgage type – perhaps you had an interest only mortgage and would like to change it to a repayment option. 
To release some funds (equity) – a home improvement project, for example, or a big life event, such as a wedding or university fees. 
To consolidate debt – arranging a new mortgage at a better rate could leave you with a lump sum that can then be used to pay off debts. Any kind of debt financing needs to be carefully considered to ensure you get the best solution for your needs. 
To buy a second property – remortgaging could release some funds to enable you to buy a second property either as a second home or Buy to Let. 
Whatever your reason for considering a remortgage, speak to a trusted mortgage consultant first. If your fixed rate is coming to an end, you will need to have your new application in three months before your rate ends. Plus there are certain requirements for all remortgages, including the age of your mortgage, and there may be fees attached to your existing mortgage which make remortgaging prohibitive. 
 
Remortgaging options are plentiful and range from fixed rate to variable to tracker remortgages. There are specific products available for those who have suffered with an adverse credit history – see our bad credit mortgages page for more info. 

Services we  can also help with 

Services we can also help with 

We’re not the kind of broker who only helps you up until you’ve accepted your mortgage offer. Our long-standing partnerships with our clients and other businesses mean we can deliver the highest quality of service right up to the day you move in. 

Concierge 

We can help you move into your property, set up utilities, register for Council Tax and more with our Concierge Service – available through Please Connect Me. 

Protection 

We can organise bespoke life assurances for you by selecting from our superb panel of providers. We charge no arrangement fees for this service. 

Insurance 

First time buyer? Or just wanting to change insurance providers? We can find you 5* defatqo rated buildings and contents insurance tailored to suit your needs. 

Property Surveys 

With our National partners GoTo Group we don't just stop at mortgages, we can also help you arrange a property survey to know it's true condition. 

Legals 

We can refer you to a solicitor who’ll manage the conveyancing part of the process. We choose from a carefully selected panel of conveyancers and solicitors. 

Wills & Trusts 

Our National partners Paradigm Wills can provide a cost effective solution to any type of situation no matter how complex it is when it comes to Will and Estate Planning and more. 

Remortgaging FAQs 

Remortgaging FAQs 

 
Technically, you can remortgage at any time. Some lenders will specify a minimum term of borrowing, others won’t. Some will have an early redemption charge (ERC), or extra penalties if you remortgage too close to the end of your term. All remortgaging carries fees in the shape of arrangement and new mortgage fees so you do need to weigh up whether it’s worth it. Your mortgage adviser will be able to help with all aspects of remortgaging. 
 
A whole of market broker can find the best deal for you, regardless of whether you already have a mortgage or not. They will know at a glance the costs involved with each new product and will know the best solution for your reason for remortgaging. 
 
It depends. If you stay with the same lender then no, because all the legal checks and surveys have been done. If you are changing lender, then you will need to employ a solicitor, although it is a much more straightforward process as there is no exchange of contracts involved. 
 
There are many variables when it comes to fees for remortgaging but you will definitely have to pay some. At the very least there will be a mortgage repayment fee, a mortgage broker fee, valuation, survey and solicitor fees. That could cost anywhere between £2200 and £4500. That’s without any penalties levied by your existing lender. So seeking professional advice first is definitely worth it! 
 
Thankfully, not as long as buying a property as there is no exchange of contracts or chain of buyers and sellers. However, there is still a survey to be done and paperwork to be processed so allow 4-6 weeks. Hopefully less than that! 

Don't just take our word for it 

Don't just take our word for it 

Here are a few ways we have changed our customers’ lives. 

Get the lowest rates with Reeds Financial 

Trusted Brokers 

Whole of Market 

Qualified Team 

Get the lowest rates with Reeds Financial 

Trusted Brokers 
Whole of Market 
Qualified Team 
Let us source rates from the high street, across the internet or from specialist lenders who only work with brokers! 

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 

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